Rovi Corp. (ROVI) Shares Up 2.9%

Rovi Corp. (NASDAQ:ROVI) shares shot up 2.9% on Tuesday . The company traded as high as $16.09 and last traded at $15.99, with a volume of 293,257 shares traded. The stock had previously closed at $15.54.

A number of brokerages have weighed in on ROVI. B. Riley reiterated a “buy” rating and issued a $29.00 price objective on shares of Rovi Corp. in a research report on Thursday. Zacks Investment Research upgraded shares of Rovi Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday. Piper Jaffray Cos. reiterated a “buy” rating and issued a $29.00 price objective on shares of Rovi Corp. in a research report on Thursday, May 12th. Finally, JPMorgan Chase & Co. reiterated a “buy” rating on shares of Rovi Corp. in a research report on Tuesday, May 3rd. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Rovi Corp. currently has an average rating of “Buy” and a consensus price target of $26.83.

The firm has a 50-day moving average of $16.33 and a 200-day moving average of $18.06. The company’s market capitalization is $1.33 billion.

Rovi Corp. (NASDAQ:ROVI) last issued its quarterly earnings data on Friday, April 29th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.06. The business had revenue of $118.40 million for the quarter, compared to analysts’ expectations of $116.51 million. During the same period in the previous year, the business posted $0.39 earnings per share. The company’s revenue for the quarter was down 11.7% on a year-over-year basis. Analysts forecast that Rovi Corp. will post $1.67 earnings per share for the current year.

In other Rovi Corp. news, Director Glenn W. Welling acquired 200,000 shares of the stock in a transaction on Thursday, May 12th. The shares were bought at an average cost of $16.24 per share, with a total value of $3,248,000.00. Following the transaction, the director now owns 28,529 shares of the company’s stock, valued at approximately $463,310.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dustin Finer sold 2,391 shares of the firm’s stock in a transaction on Wednesday, July 6th. The stock was sold at an average price of $15.70, for a total transaction of $37,538.70. Following the transaction, the insider now directly owns 33,266 shares in the company, valued at $522,276.20. The disclosure for this sale can be found here.

A number of hedge funds and institutional investors have modified their holdings of the company. Jennison Associates increased its position in shares of Rovi Corp. by 8.1% in the third quarter. Jennison Associates now owns 3,773,882 shares of the company’s stock valued at $39,588,000 after buying an additional 282,166 shares during the last quarter. Neuberger Berman Group LLC increased its position in shares of Rovi Corp. by 2.6% in the fourth quarter. Neuberger Berman Group LLC now owns 2,036,227 shares of the company’s stock valued at $33,924,000 after buying an additional 51,240 shares during the last quarter. Nationwide Fund Advisors increased its position in shares of Rovi Corp. by 26.8% in the fourth quarter. Nationwide Fund Advisors now owns 320,165 shares of the company’s stock valued at $5,334,000 after buying an additional 67,602 shares during the last quarter. First Trust Advisors LP acquired a new position in shares of Rovi Corp. during the fourth quarter valued at about $3,334,000. Finally, LSV Asset Management acquired a new position in shares of Rovi Corp. during the fourth quarter valued at about $4,769,000.

Rovi Corporation powers entertainment discovery and personalization through product technology and intellectual property using data and analytics to monetize interactions across various entertainment platforms. The Company’s segments include Intellectual Property Licensing and Product. The Intellectual Property Licensing segment consists of interactive program guides (IPG) patent licensing to third party guide developers, such as multi-channel video service providers (cable, satellite and Internet-protocol television), consumer electronics manufacturers, set-top box manufacturers and interactive television software and program guide providers in the online, over-the-top video and mobile phone businesses.